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Japan quake has impact on local firms
The crisis unfolding in Japan, which is Viet Nam's second largest export market, has begun to affect commercial operations at Vietnamese companies.
The rubber sector appears to be faring the worst in the wake of Japan's worst recorded earthquake. Although mainland China is the biggest importer of Vietnamese rubber, exporters are concerned because the price of export rubber has dropped by nearly 30 per cent following the decrease in demand from Japanese factories.
Ha Van Chay, an analyst from the Viet Nam Rubber Industry Group, said rubber prices were down from VND102 million (US$4,800) per tonne on Monday to VND95 million ($4,500) per tonne on Tuesday. Pre-crisis prices floated around VND120million ($5,700) per tonne.
Aquaculture exports have been affected by the crisis.
Most aquaculture exports are unable to be sent through airmail to Japan, and Vietnamese exporters have been unable to contact their Japanese trading partners.
The Japanese consume a large volume of Vietnamese shrimp and seafood every year, said secretary of the Viet Nam Association of Seafood Exporters and Producers Truong Dinh Hoe.
No companies have exported any products to the north-eastern region of the country.
In the past few days, his company sent their products to Osaka, which was not been physically affected by the earthquake, said Dang Cao Thang, Director of Viet Tan Company.
While several export-based enterprises are concerned, import-based companies are also worried. The steel industry worries that prices will increase because Viet Nam imports steel from several Asian countries including Japan. Steel manufactures in Japan have halted production.
Chairman of SMC Trade and Invest Joint Stock Company Nguyen Ngoc Anh said products he had purchased were still stuck at Japanese ports.
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